Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 24, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-8944 | |
Entity Registrant Name | CLEVELAND-CLIFFS INC. | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 34-1464672 | |
Entity Address, Address Line One | 200 Public Square, | |
Entity Address, City or Town | Cleveland, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44114-2315 | |
City Area Code | 216 | |
Local Phone Number | 694-5700 | |
Title of 12(b) Security | Common shares, par value $0.125 per share | |
Trading Symbol | CLF | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 504,861,276 | |
Entity Central Index Key | 0000764065 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Statements Of Unaudited Condens
Statements Of Unaudited Condensed Consolidated Financial Position - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 31 | $ 26 |
Accounts receivable, net | 2,122 | 1,960 |
Inventories | 4,592 | 5,130 |
Other current assets | 196 | 306 |
Total current assets | 6,941 | 7,422 |
Non-current assets: | ||
Property, plant and equipment, net | 8,837 | 9,070 |
Goodwill | 1,130 | 1,130 |
Pension and OPEB, asset | 392 | 356 |
Other non-current assets | 759 | 777 |
TOTAL ASSETS | 18,059 | 18,755 |
Current liabilities: | ||
Accounts payable | 2,076 | 2,186 |
Accrued employment costs | 467 | 429 |
Accrued expenses | 263 | 383 |
Other current liabilities | 488 | 551 |
Total current liabilities | 3,294 | 3,549 |
Non-current liabilities: | ||
Long-term debt | 3,458 | 4,249 |
Pension liability, non-current | 456 | 473 |
OPEB liability, non-current | 563 | 585 |
Deferred income taxes | 662 | 590 |
Other non-current liabilities | 1,362 | 1,267 |
TOTAL LIABILITIES | 9,795 | 10,713 |
Commitments and contingencies (See Note 17) | ||
SHAREHOLDERS' EQUITY | ||
Common shares - par value $0.125 per share, Authorized - 1,200,000,000 shares (2022 - 1,200,000,000 shares); Issued - 531,051,530 shares (2022 -531,051,530 shares); Outstanding - 504,849,719 shares (2022 - 513,340,779 shares) | 66 | 66 |
Capital in excess of par value of shares | 4,850 | 4,871 |
Retained earnings | 1,888 | 1,334 |
Cost of 26,201,811 common shares in treasury (2022 - 17,710,751 shares) | (431) | (310) |
Accumulated other comprehensive income | 1,647 | 1,830 |
Total Cliffs shareholders' equity | 8,020 | 7,791 |
Noncontrolling interest | 244 | 251 |
TOTAL EQUITY | 8,264 | 8,042 |
TOTAL LIABILITIES AND EQUITY | $ 18,059 | $ 18,755 |
Statements Of Condensed Consoli
Statements Of Condensed Consolidated Financial Position (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 0.125 | |
Common shares, authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common shares, issued (in shares) | 531,051,530 | 531,051,530 |
Common shares, outstanding (in shares) | 504,849,719 | 513,340,779 |
Common shares in treasury (in shares) | 26,201,811 | 17,710,751 |
Statements Of Unaudited Conde_2
Statements Of Unaudited Condensed Consolidated Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 5,605 | $ 5,653 | $ 16,884 | $ 17,945 |
Operating costs: | ||||
Cost of goods sold | (5,125) | (5,305) | (15,661) | (15,367) |
Selling, general and administrative expenses | (144) | (124) | (420) | (353) |
Miscellaneous – net | (11) | (37) | (26) | (104) |
Total operating costs | (5,280) | (5,466) | (16,107) | (15,824) |
Operating income | 325 | 187 | 777 | 2,121 |
Other income (expense): | ||||
Interest expense, net | (70) | (64) | (226) | (205) |
Gain (loss) on extinguishment of debt | 0 | 4 | 0 | (76) |
Net periodic benefit credits other than service cost component | 50 | 49 | 150 | 148 |
Other non-operating income (expense) | (2) | (1) | 4 | (6) |
Total other expense | (22) | (12) | (72) | (139) |
Income from continuing operations before income taxes | 303 | 175 | 705 | 1,982 |
Income tax expense | (29) | (10) | (118) | (404) |
Income from continuing operations | 274 | 165 | 587 | 1,578 |
Income from discontinued operations, net of tax | 1 | 0 | 2 | 2 |
Net income | 275 | 165 | 589 | 1,580 |
Income attributable to noncontrolling interest | (11) | (13) | (35) | (31) |
Net income attributable to Cliffs shareholders | $ 264 | $ 152 | $ 554 | $ 1,549 |
Earnings per common share attributable to Cliffs shareholders - basic | ||||
Continuing operations (in dollars per share) | $ 0.52 | $ 0.30 | $ 1.08 | $ 2.98 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 |
Earnings per Common Share - Basic (in dollars per share) | 0.52 | 0.30 | 1.08 | 2.98 |
Earnings per common share attributable to Cliffs shareholders - diluted | ||||
Continuing operations (in dollars per share) | 0.52 | 0.29 | 1.08 | 2.95 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 |
Earnings per Common Share - Diluted (in dollars per share) | $ 0.52 | $ 0.29 | $ 1.08 | $ 2.95 |
Statements Of Unaudited Conde_3
Statements Of Unaudited Condensed Consolidated Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 275 | $ 165 | $ 589 | $ 1,580 |
Other comprehensive income (loss): | ||||
Changes in pension and OPEB, net of tax | (27) | 93 | (80) | 94 |
Changes in derivative financial instruments, net of tax | 31 | 61 | (103) | 102 |
Changes in foreign currency translation | 0 | (2) | 0 | (4) |
Total other comprehensive income (loss) | 4 | 152 | (183) | 192 |
Comprehensive income | 279 | 317 | 406 | 1,772 |
Comprehensive income attributable to noncontrolling interests | (11) | (13) | (35) | (31) |
Comprehensive income attributable to Cliffs shareholders | $ 268 | $ 304 | $ 371 | $ 1,741 |
Statements Of Unaudited Conde_4
Statements Of Unaudited Condensed Consolidated Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 589 | $ 1,580 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 738 | 788 |
Deferred income taxes | 132 | 210 |
Pension and OPEB credits | (119) | (81) |
Loss on extinguishment of debt | 0 | 76 |
Impairment of long-lived assets | 0 | 29 |
Other | 121 | 75 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (164) | (145) |
Inventories | 538 | (348) |
Income taxes | 16 | (109) |
Pension and OPEB payments and contributions | (84) | (174) |
Payables, accrued employment and accrued expenses | (95) | 66 |
Other, net | (57) | (33) |
Net cash provided by operating activities | 1,615 | 1,934 |
INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (481) | (716) |
Other investing activities | 11 | 20 |
Net cash used by investing activities | (470) | (727) |
FINANCING ACTIVITIES | ||
Repurchase of common shares | (152) | (210) |
Proceeds from issuance of senior notes | 750 | 0 |
Repayments of senior notes | 0 | (1,355) |
Borrowings under credit facilities | 3,004 | 4,650 |
Repayments under credit facilities | (4,543) | (4,169) |
Debt issuance costs | (34) | 0 |
Other financing activities | (165) | (115) |
Net cash used by financing activities | (1,140) | (1,199) |
Net increase in cash and cash equivalents | 5 | 8 |
Cash and cash equivalents at beginning of period | 26 | 48 |
Cash and cash equivalents at end of period | 31 | 56 |
Ferrous Processing and Trading | ||
INVESTING ACTIVITIES | ||
Acquisition of FPT, net of cash acquired | $ 0 | $ (31) |
Statements of Unaudited Conde_5
Statements of Unaudited Condensed Consolidated Changes in Equity Statement - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value of Shares | Retained Earnings | Common Shares in Treasury | AOCI | Non-controlling Interests |
Balance, beginning of period (in shares) at Dec. 31, 2021 | 500,200,000 | ||||||
Balance, beginning of period at Dec. 31, 2021 | $ 5,774 | $ 63 | $ 4,892 | $ (1) | $ (82) | $ 618 | $ 284 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 911 | 801 | 97 | 13 | |||
Redemption of convertible debt (shares) | 24,200,000 | ||||||
Redemption of convertible debt, value | $ 3 | ||||||
Redemption of convertible debt, adjustments | (28) | ||||||
Redemption of convertible debt | (25) | ||||||
Stock and other incentive plans (in shares) | 1,300,000 | ||||||
Stock and other incentive plans | (16) | ||||||
Stock and other incentive plans | (5) | 11 | |||||
Common stock repurchases (shares) | (1,000,000) | ||||||
Common stock repurchases | (19) | (19) | |||||
Net distributions to noncontrolling interests | (28) | (28) | |||||
Balance, end of period (in shares) at Mar. 31, 2022 | 524,700,000 | ||||||
Balance, end of period at Mar. 31, 2022 | 6,608 | $ 66 | 4,848 | 800 | (90) | 715 | 269 |
Balance, beginning of period (in shares) at Dec. 31, 2021 | 500,200,000 | ||||||
Balance, beginning of period at Dec. 31, 2021 | 5,774 | $ 63 | 4,892 | (1) | (82) | 618 | 284 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 1,772 | ||||||
Common stock repurchases (shares) | (10,500,000) | ||||||
Balance, end of period (in shares) at Sep. 30, 2022 | 515,300,000 | ||||||
Balance, end of period at Sep. 30, 2022 | 7,268 | $ 66 | 4,864 | 1,548 | (280) | 810 | 260 |
Balance, beginning of period (in shares) at Mar. 31, 2022 | 524,700,000 | ||||||
Balance, beginning of period at Mar. 31, 2022 | 6,608 | $ 66 | 4,848 | 800 | (90) | 715 | 269 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 544 | 596 | (57) | 5 | |||
Stock and other incentive plans (in shares) | 100,000 | ||||||
Stock and other incentive plans | 7 | ||||||
Stock and other incentive plans | 8 | 1 | |||||
Common stock repurchases (shares) | (7,500,000) | ||||||
Common stock repurchases | (157) | (157) | |||||
Net distributions to noncontrolling interests | (9) | (9) | |||||
Balance, end of period (in shares) at Jun. 30, 2022 | 517,300,000 | ||||||
Balance, end of period at Jun. 30, 2022 | 6,994 | $ 66 | 4,855 | 1,396 | (246) | 658 | 265 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 317 | 152 | 152 | 13 | |||
Stock and other incentive plans (in shares) | 0 | ||||||
Stock and other incentive plans | 9 | ||||||
Stock and other incentive plans | 9 | 0 | |||||
Common stock repurchases (shares) | (2,000,000) | ||||||
Common stock repurchases | (34) | (34) | |||||
Net distributions to noncontrolling interests | (18) | (18) | |||||
Balance, end of period (in shares) at Sep. 30, 2022 | 515,300,000 | ||||||
Balance, end of period at Sep. 30, 2022 | $ 7,268 | $ 66 | 4,864 | 1,548 | (280) | 810 | 260 |
Balance, beginning of period (in shares) at Dec. 31, 2022 | 513,340,779 | 513,300,000 | |||||
Balance, beginning of period at Dec. 31, 2022 | $ 8,042 | $ 66 | 4,871 | 1,334 | (310) | 1,830 | 251 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | (221) | (57) | (179) | 15 | |||
Stock and other incentive plans (in shares) | 1,800,000 | ||||||
Stock and other incentive plans | (39) | ||||||
Stock and other incentive plans | (9) | 30 | |||||
Net distributions to noncontrolling interests | (19) | (19) | |||||
Balance, end of period (in shares) at Mar. 31, 2023 | 515,100,000 | ||||||
Balance, end of period at Mar. 31, 2023 | $ 7,793 | $ 66 | 4,832 | 1,277 | (280) | 1,651 | 247 |
Balance, beginning of period (in shares) at Dec. 31, 2022 | 513,340,779 | 513,300,000 | |||||
Balance, beginning of period at Dec. 31, 2022 | $ 8,042 | $ 66 | 4,871 | 1,334 | (310) | 1,830 | 251 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | $ 406 | ||||||
Common stock repurchases (shares) | (10,400,000) | ||||||
Balance, end of period (in shares) at Sep. 30, 2023 | 504,849,719 | 504,800,000 | |||||
Balance, end of period at Sep. 30, 2023 | $ 8,264 | $ 66 | 4,850 | 1,888 | (431) | 1,647 | 244 |
Balance, beginning of period (in shares) at Mar. 31, 2023 | 515,100,000 | ||||||
Balance, beginning of period at Mar. 31, 2023 | 7,793 | $ 66 | 4,832 | 1,277 | (280) | 1,651 | 247 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 348 | 347 | (8) | 9 | |||
Stock and other incentive plans (in shares) | 100,000 | ||||||
Stock and other incentive plans | 9 | ||||||
Stock and other incentive plans | 12 | 3 | |||||
Common stock repurchases (shares) | (6,500,000) | ||||||
Common stock repurchases | (95) | (95) | |||||
Net distributions to noncontrolling interests | (14) | (14) | |||||
Balance, end of period (in shares) at Jun. 30, 2023 | 508,700,000 | ||||||
Balance, end of period at Jun. 30, 2023 | 8,044 | $ 66 | 4,841 | 1,624 | (372) | 1,643 | 242 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income (loss) | 279 | 264 | 4 | 11 | |||
Stock and other incentive plans (in shares) | 0 | ||||||
Stock and other incentive plans | 9 | ||||||
Stock and other incentive plans | 9 | 0 | |||||
Common stock repurchases (shares) | (3,900,000) | ||||||
Common stock repurchases | (59) | (59) | |||||
Net distributions to noncontrolling interests | $ (9) | (9) | |||||
Balance, end of period (in shares) at Sep. 30, 2023 | 504,849,719 | 504,800,000 | |||||
Balance, end of period at Sep. 30, 2023 | $ 8,264 | $ 66 | $ 4,850 | $ 1,888 | $ (431) | $ 1,647 | $ 244 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BUSINESS, CONSOLIDATION AND PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with SEC rules and regulations and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations, comprehensive income, cash flows and changes in equity for the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023 or any other future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2022 and in our Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2023 and March 31, 2023. NATURE OF BUSINESS We are the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, we are also the largest manufacturer of iron ore pellets in North America. We are vertically integrated from mined raw materials, direct reduced iron and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. We are the largest supplier of steel to the automotive industry in North America and serve a diverse range of markets due to our comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, we employ approximately 27,000 people across our operations in the United States and Canada. BUSINESS OPERATIONS We are organized into four operating segments based on differentiated products, Steelmaking, Tubular, Tooling and Stamping, and European Operations. We primarily operate through one reportable segment – the Steelmaking segment. BASIS OF CONSOLIDATION The unaudited condensed consolidated financial statements consolidate our accounts and the accounts of our wholly owned subsidiaries, all subsidiaries in which we have a controlling interest and VIEs for which we are the primary beneficiary. All intercompany transactions and balances are eliminated upon consolidation. INVESTMENTS IN AFFILIATES We have investments in several businesses accounted for using the equity method of accounting. These investments are included within our Steelmaking segment. We review an investment for impairment when circumstances indicate that a loss in value below its carrying amount is other than temporary. Our investment in affiliates of $131 million and $133 million as of September 30, 2023 and December 31, 2022, respectively, was classified in Other non-current assets. SIGNIFICANT ACCOUNTING POLICIES A detailed description of our significant accounting policies can be found in the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein. RECENT ACCOUNTING PRONOUNCEMENTS AND LEGISLATION In August 2022, the U.S. government signed the Inflation Reduction Act into law. The Inflation Reduction Act introduced, among other legislation, a 1% excise tax on the fair market value of stock repurchases net of the fair market value of stock issuances during the tax year. The excise tax is effective on net stock repurchases that occur after December 31, 2022. The tax is recorded in equity as a cost of common shares in treasury. In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . This guidance requires annual and interim disclosure of the key terms of outstanding supplier finance programs and a roll-forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. We have adopted this standard, except for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information. |
SUPPLEMENTARY FINANCIAL STATEME
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION ALLOWANCE FOR CREDIT LOSSES The following is a roll-forward of our allowance for credit losses associated with Accounts receivable, net : (In millions) 2023 2022 Allowance for credit losses as of January 1 $ (4) $ (4) Increase in allowance (3) (1) Allowance for credit losses as of September 30 $ (7) $ (5) INVENTORIES The following table presents the detail of our Inventories on the Statements of Unaudited Condensed Consolidated Financial Position: (In millions) September 30, December 31, Product inventories Finished and semi-finished goods $ 2,616 $ 2,971 Raw materials 1,588 1,794 Total product inventories 4,204 4,765 Manufacturing supplies and critical spares 388 365 Inventories $ 4,592 $ 5,130 SUPPLY CHAIN FINANCE PROGRAMS We negotiate payment terms directly with our suppliers for the purchase of goods and services. We currently offer voluntary supply chain finance programs that enable our suppliers to sell their Cliffs receivables to financial intermediaries, at the sole discretion of both the suppliers and financial intermediaries. No guarantees are provided by us or our subsidiaries under the supply chain finance programs. The supply chain finance programs allow our suppliers to be paid by the financial intermediaries earlier than the due date on the applicable invoice. Supply chain finance programs that extend terms or provide us an economic benefit are classified as short-term financings. As of September 30, 2023 and December 31, 2022, we had $21 million and $19 million, respectively, deemed as short-term financings that are classified in Other current liabilities . Additionally , as of September 30, 2023 and December 31, 2022, we had $90 million and $112 million, respectively, classified as Accounts payable. CASH FLOW INFORMATION A reconciliation of capital additions to cash paid for capital expenditures is as follows: Nine Months Ended (In millions) 2023 2022 Capital additions $ 508 $ 736 Less: Non-cash accruals (98) (10) Equipment financed with seller 47 — Right-of-use assets - finance leases 78 30 Cash paid for capital expenditures including deposits $ 481 $ 716 Cash payments (receipts) for income taxes and interest are as follows: Nine Months Ended (In millions) 2023 2022 Income taxes paid $ 91 $ 306 Income tax refunds (142) (3) Interest paid on debt obligations net of capitalized interest 1 202 201 1 Capitalized interest was $8 million and $7 million for the nine months ended September 30, 2023 and 2022, respectively. |
REVENUES
REVENUES | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | NOTE 3 - REVENUES We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues. The following table represents our Revenues by market: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Steelmaking: Automotive $ 1,958 $ 1,734 $ 5,808 $ 4,985 Infrastructure and manufacturing 1,427 1,462 4,315 4,619 Distributors and converters 1,321 1,468 4,020 5,137 Steel producers 737 847 2,234 2,740 Total Steelmaking 5,443 5,511 16,377 17,481 Other Businesses: Automotive 133 113 415 359 Infrastructure and manufacturing 9 14 29 43 Distributors and converters 20 15 63 62 Total Other Businesses 162 142 507 464 Total revenues $ 5,605 $ 5,653 $ 16,884 $ 17,945 The following tables represent our Revenues by product line: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Steelmaking: Hot-rolled steel $ 1,269 $ 1,050 $ 3,747 $ 3,495 Cold-rolled steel 651 740 2,038 2,593 Coated steel 1,748 1,757 5,154 5,338 Stainless and electrical steel 568 596 1,757 1,765 Plate 382 432 1,112 1,306 Slab and other steel products 322 370 1,015 1,121 Other 503 566 1,554 1,863 Total Steelmaking 5,443 5,511 16,377 17,481 Other Businesses: Other 162 142 507 464 Total revenues $ 5,605 $ 5,653 $ 16,884 $ 17,945 |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 4 - SEGMENT REPORTING We are vertically integrated from mined raw materials and direct reduced iron and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. We are organized into four operating segments based on our differentiated products – Steelmaking, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment – Steelmaking. The operating segment results of our Tubular, Tooling and Stamping, and European Operations that do not constitute reportable segments are combined and disclosed in the Other Businesses category. Our Steelmaking segment operates as the largest flat-rolled steel producer supported by being the largest iron ore pellet producer as well as a leading prime scrap processor in North America, primarily serving the automotive, distributors and converters, and infrastructure and manufacturing markets. Our Other Businesses primarily include the operating segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components, and complex assemblies. All intersegment transactions were eliminated in consolidation. We evaluate performance on an operating segment basis, as well as a consolidated basis, based on Adjusted EBITDA, which is a non-GAAP measure. This measure is used by management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry. In addition, management believes Adjusted EBITDA is a useful measure to assess the earnings power of the business without the impact of capital structure and can be used to assess our ability to service debt and fund future capital expenditures in the business. Our results by segment are as follows: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Revenues: Steelmaking $ 5,443 $ 5,511 $ 16,377 $ 17,481 Other Businesses 162 142 507 464 Total revenues $ 5,605 $ 5,653 $ 16,884 $ 17,945 Adjusted EBITDA: Steelmaking $ 603 $ 447 $ 1,608 $ 2,980 Other Businesses 9 9 32 58 Eliminations 2 7 (8) 8 Total Adjusted EBITDA $ 614 $ 463 $ 1,632 $ 3,046 The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Net income $ 275 $ 165 $ 589 $ 1,580 Less: Interest expense, net (70) (64) (226) (205) Income tax expense (29) (10) (118) (404) Depreciation, depletion and amortization (249) (237) (738) (788) 623 476 1,671 2,977 Less: EBITDA of noncontrolling interests 1 20 22 60 57 Gain (loss) on extinguishment of debt — 4 — (76) Asset impairment — — — (29) Other, net (11) (13) (21) (21) Total Adjusted EBITDA $ 614 $ 463 $ 1,632 $ 3,046 1 EBITDA of noncontrolling interests includes the following: Net income attributable to noncontrolling interests $ 11 $ 13 $ 35 $ 31 Depreciation, depletion and amortization 9 9 25 26 EBITDA of noncontrolling interests $ 20 $ 22 $ 60 $ 57 The following summarizes our assets by segment: (In millions) September 30, December 31, Assets: Steelmaking $ 17,481 $ 18,070 Other Businesses 819 836 Intersegment eliminations (531) (521) Total segment assets 17,769 18,385 Corporate 290 370 Total assets $ 18,059 $ 18,755 The following table summarizes our depreciation, depletion and amortization and capital additions by segment: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Depreciation, depletion and amortization: Steelmaking $ (241) $ (227) $ (711) $ (758) Other Businesses (8) (10) (27) (30) Total depreciation, depletion and amortization $ (249) $ (237) $ (738) $ (788) Capital additions 1 : Steelmaking $ 217 $ 240 $ 503 $ 712 Other Businesses — 6 3 21 Corporate 1 1 2 3 Total capital additions $ 218 $ 247 $ 508 $ 736 1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 5 - PROPERTY, PLANT AND EQUIPMENT The following table indicates the carrying value of each of the major classes of our depreciable assets: (In millions) September 30, December 31, Land, land improvements and mineral rights $ 1,388 $ 1,388 Buildings 934 921 Equipment 9,652 9,289 Other 253 238 Construction in progress 611 552 Total property, plant and equipment 1 12,838 12,388 Allowance for depreciation and depletion (4,001) (3,318) Property, plant and equipment, net $ 8,837 $ 9,070 1 Includes right-of-use assets related to finance leases of $485 million and $408 million as of September 30, 2023 and December 31, 2022, respectively. We recorded depreciation and depletion expense of $247 million and $732 million for the three and nine months ended September 30, 2023, respectively, and $235 million and $782 million for the three and nine months ended September 30, 2022, respectively. Depreciation and depletion expense for the nine months ended September 30, 2022 includes $23 million of accelerated depreciation related to the decision to indefinitely idle the coke facility at Middletown Works and $68 million of accelerated depreciation related to the indefinite idle of the Indiana Harbor #4 blast furnace. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES | NOTE 6 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES GOODWILL The following is a summary of Goodwill by segment: (In millions) September 30, December 31, Steelmaking $ 956 $ 956 Other Businesses 174 174 Total goodwill $ 1,130 $ 1,130 INTANGIBLE ASSETS AND LIABILITIES The following is a summary of our intangible assets and liabilities: September 30, 2023 December 31, 2022 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets 1 : Customer relationships $ 90 $ (17) $ 73 $ 90 $ (13) $ 77 Developed technology 60 (13) 47 60 (10) 50 Trade names and trademarks 18 (5) 13 18 (4) 14 Mining permits 72 (28) 44 72 (27) 45 Supplier relationships 29 (2) 27 29 (1) 28 Total intangible assets $ 269 $ (65) $ 204 $ 269 $ (55) $ 214 Intangible liabilities 2 : Above-market supply contracts $ (71) $ 23 $ (48) $ (71) $ 19 $ (52) 1 Intangible assets are classified as Other non-current assets. Amortization related to mining permits is recognized in Cost of goods sold . Amortization of all other intangible assets is recognized in Selling, general and administrative expenses. 2 Intangible liabilities are classified as Other non-current liabilities. Amortization of all intangible liabilities is recognized in Cost of goods sold . Amortization expense related to intangible assets was $3 million for both the three months ended September 30, 2023 and 2022, and $10 million for both the nine months ended September 30, 2023 and 2022. Estimated future amortization expense is $3 million for the remainder of 2023 and $13 million annually for the years 2024 through 2028. Income from amortization related to the intangible liabilities was $1 million for both the three months ended September 30, 2023 and 2022, and $4 million for both the nine months ended September 30, 2023 and 2022. Estimated future income from amortization is $1 million for the remainder of 2023 and $5 million annually for the years 2024 through 2028. |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT AND CREDIT FACILITIES | NOTE 7 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt: (In millions) Debt Instrument Issuer 1 Annual Effective September 30, December 31, Senior Secured Notes: 6.750% 2026 Senior Secured Notes Cliffs 6.990% $ 829 $ 829 Senior Unsecured Notes: 7.000% 2027 Senior Notes Cliffs 9.240% 73 73 7.000% 2027 AK Senior Notes AK Steel 9.240% 56 56 5.875% 2027 Senior Notes Cliffs 6.490% 556 556 4.625% 2029 Senior Notes Cliffs 4.625% 368 368 6.750% 2030 Senior Notes Cliffs 6.750% 750 — 4.875% 2031 Senior Notes Cliffs 4.875% 325 325 6.250% 2040 Senior Notes Cliffs 6.340% 235 235 ABL Facility Cliffs 2 Variable 3 325 1,864 Total principal amount 3,517 4,306 Unamortized discounts and issuance costs (59) (57) Total long-term debt $ 3,458 $ 4,249 1 Unless otherwise noted, references in this column and throughout this NOTE 7 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation). 2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility. 3 Our ABL Facility annual effective interest rate was 7.148% and 5.602%, respectively, as of September 30, 2023 and December 31, 2022. 6.750% 2030 Senior Notes - 2023 Offering On April 14, 2023, we entered into an indenture among Cliffs, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the issuance of $750 million aggregate principal amount of our 6.750% 2030 Senior Notes, which were issued at par. The 6.750% 2030 Senior Notes were issued in a private placement transaction exempt from the registration requirements of the Securities Act. The 6.750% 2030 Senior Notes bear interest at a rate of 6.750% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, which commenced on October 15, 2023. The 6.750% 2030 Senior Notes mature on April 15, 2030. The 6.750% 2030 Senior Notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. The 6.750% 2030 Senior Notes are guaranteed on a senior unsecured basis by our material direct and indirect wholly owned domestic subsidiaries. The 6.750% 2030 Senior Notes are structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries that do not guarantee the 6.750% 2030 Senior Notes. The 6.750% 2030 Senior Notes may be redeemed, in whole or in part, at any time at our option not less than 10 days nor more than 60 days after prior notice is sent to the holders of the 6.750% 2030 Senior Notes. The 6.750% 2030 Senior Notes are redeemable prior to April 15, 2026, at a redemption price equal to 100% of the principal amount thereof plus a "make-whole" premium set forth in the indenture. We may also redeem up to 35% of the aggregate principal amount of the 6.750% 2030 Senior Notes prior to April 15, 2026 at a redemption price equal to 106.750% of the principal amount thereof with the net cash proceeds of one or more equity offerings. The 6.750% 2030 Senior Notes are redeemable beginning on April 15, 2026, at a redemption price equal to 103.375% of the principal amount thereof, decreasing to 101.688% on April 15, 2027, and are redeemable at par beginning on April 15, 2028. In each case, we pay the applicable redemption and "make-whole" premiums plus accrued and unpaid interest, if any, to, but not including, the date of redemption. In addition, if a change in control triggering event, as defined in the indenture, occurs with respect to the 6.750% 2030 Senior Notes, we will be required to offer to repurchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase. The terms of the 6.750% 2030 Senior Notes contain certain customary covenants; however, there are no financial covenants. ABL FACILITY On June 9, 2023, we entered into the Fourth ABL Amendment to our ABL Facility to, among other things, increase the amount of tranche A revolver commitments available thereunder by an additional $250 million to an aggregate principal amount of $4.75 billion and extend the maturity date of all commitments under the ABL Facility from March 13, 2025 to June 9, 2028. The Fourth ABL Amendment removed the LIBOR option for variable rate loans due to its cessation and replaced it with a SOFR option. Borrowings under the ABL Facility bear interest, at our option, at a base rate or, if certain conditions are met, a SOFR rate, in each case, plus an applicable tiered margin. The base rate is equal to the greater of the federal funds rate plus 0.5% or the term SOFR plus 1.25%. As of September 30, 2023, we were in compliance with the ABL Facility liquidity requirements and, therefore, the springing financial covenant requiring a minimum fixed charge coverage ratio of 1.0 to 1.0 was not applicable. The following represents a summary of our borrowing capacity under the ABL Facility: (In millions) September 30, Available borrowing base on ABL Facility 1 $ 4,750 Borrowings (325) Letter of credit obligations 2 (94) Borrowing capacity available $ 4,331 1 As of September 30, 2023, the ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment. 2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, workers' compensation, operating agreements, employee severance, environmental obligations, and insurance. DEBT MATURITIES The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at September 30, 2023 (in millions): 2023 2024 2025 2026 2027 Thereafter Total $ — $ — $ — $ 829 $ 685 $ 2,003 $ 3,517 |
PENSIONS AND OTHER POSTRETIREME
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | 9 Months Ended |
Sep. 30, 2023 | |
Postemployment Benefits [Abstract] | |
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS We offer defined benefit pension plans, defined contribution pension plans and OPEB plans to a significant portion of our employees and retirees. Benefits are also provided through multiemployer plans for certain union members. The following are the components of defined benefit pension and OPEB costs (credits): DEFINED BENEFIT PENSION COSTS (CREDITS) Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Service cost $ 8 $ 11 $ 24 $ 35 Interest cost 59 32 176 95 Expected return on plan assets (79) (93) (236) (277) Amortization: Prior service costs 5 1 13 1 Net actuarial loss — 4 2 11 Net periodic benefit credits $ (7) $ (45) $ (21) $ (135) OPEB COSTS (CREDITS) Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Service cost $ 2 $ 11 $ 7 $ 32 Interest cost 15 19 47 59 Expected return on plan assets (10) (10) (31) (29) Amortization: Prior service costs (credits) (4) 1 (12) 1 Net actuarial gain (36) (3) (109) (9) Net periodic benefit costs (credits) $ (33) $ 18 $ (98) $ 54 Based on funding requirements, we made nominal defined benefit pension contributions for the three and nine months ended September 30, 2023. Based on funding requirements, we made $1 million of defined benefit pension contributions for both the three and nine months ended September 30, 2022. Based on funding requirements, we made no contributions to our VEBA trust plans for the three and nine months ended September 30, 2023. We made contributions of $24 million and $80 million to our VEBA trust plans for the three and nine months ended September 30, 2022, respectively. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 - INCOME TAXES Our 2023 estimated annual effective tax rate before discrete items as of September 30, 2023 is 19%. The estimated annual effective tax rate is less than the U.S. statutory rate of 21%, as state income tax expense is less than the percentage depletion in excess of cost depletion. The 2022 estimated annual effective tax rate before discrete items as of September 30, 2022 was 20%. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | NOTE 10 - ASSET RETIREMENT OBLIGATIONS The accrued closure obligation provides for contractual and legal obligations related to our indefinitely idled and closed operations and for the eventual closure of our active operations. The closure date for each of our active mine sites was determined based on the exhaustion date of the remaining mineral reserves, and the amortization of the related asset and accretion of the liability is recognized over the estimated mine lives. The closure date and expected timing of the capital requirements to meet our obligations for our indefinitely idled or closed mines is determined based on the unique circumstances of each property. For indefinitely idled or closed mines, the accretion of the liability is recognized over the anticipated timing of remediation. As the majority of our asset retirement obligations at our steelmaking operations have indeterminate settlement dates, asset retirement obligations have been recorded at present values using estimated ranges of the economic lives of the underlying assets. The following is a summary of our asset retirement obligations: (In millions) September 30, December 31, Asset retirement obligations 1 $ 522 $ 520 Less: current portion 17 21 Long-term asset retirement obligations $ 505 $ 499 1 Includes $275 million and $277 million related to our active operations as of September 30, 2023 and December 31, 2022, respectively. The following is a roll forward of our asset retirement obligation liability: (In millions) 2023 2022 Asset retirement obligation as of January 1 $ 520 $ 449 Accretion expense 19 21 Reclassification from environmental obligations — 63 Revision in estimated cash flows — 22 Remediation payments (17) (33) Asset retirement obligation as of September 30 $ 522 $ 522 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 11 - FAIR VALUE MEASUREMENTS The carrying values of certain financial instruments (e.g., Accounts receivable, net , Accounts payable and Other current liabilities ) approximate fair value and, therefore, have been excluded from the table below. See NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING for information on our derivative instruments, which are accounted for at fair value on a recurring basis. A summary of the carrying value and fair value of other financial instruments were as follows: September 30, 2023 December 31, 2022 (In millions) Classification Carrying Fair Carrying Fair Senior notes Level 1 $ 3,133 $ 2,983 $ 2,385 $ 2,311 ABL Facility - outstanding balance Level 2 325 325 1,864 1,864 Total $ 3,458 $ 3,308 $ 4,249 $ 4,175 The valuation of financial assets classified in Level 2 were determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING | NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING We are exposed to fluctuations in market prices of raw materials and energy sources. We may use cash-settled commodity swaps to hedge the market risk associated with the purchase of certain of our raw materials and energy requirements. Our hedging strategy is to reduce the effect on earnings from the price volatility of these various commodity exposures, including timing differences between when we incur raw material commodity costs and when we receive sales surcharges from our customers based on those raw materials. Our commodity contracts are designated as cash flow hedges for accounting purposes, and we record the gains and losses for the derivatives in Accumulated other comprehensive income until we reclassify them into Cost of goods sold when we recognize the associated underlying operating costs. Refer to NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME for further information. Our commodity contracts are classified as Level 2 as values were determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable. The following table presents the notional amount of our outstanding hedge contracts: Notional Amount Commodity Contracts Unit of Measure Maturity Dates September 30, December 31, Natural Gas MMBtu October 2023 - August 2026 170,485,000 127,790,000 Electricity Megawatt hours October 2023 - October 2026 3,002,720 432,043 The following table presents the fair value of our cash flow hedges and the classification in the Statements of Unaudited Condensed Consolidated Financial Position: Balance Sheet Location (In millions) September 30, December 31, Other current assets $ 2 $ 15 Other non-current assets 4 30 Other current liabilities (79) (87) Other non-current liabilities (23) (10) |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL STOCK | NOTE 13 - CAPITAL STOCK SHARE REPURCHASE PROGRAM On February 10, 2022, our Board of Directors authorized a program to repurchase outstanding common shares in the open market or in privately negotiated transactions, which may include purchases pursuant to Rule 10b5-1 plans or accelerated share repurchases, up to a maximum of $1 billion. We are not obligated to make any purchases and the program may be suspended or discontinued at any time. The share repurchase program does not have a specific expiration date. During the three and nine months ended September 30, 2023, we repurchased 3.9 million and 10.4 million common shares, respectively, at a cost of $58 million and $152 million in the aggregate, respectively, excluding excise tax due under the Inflation Reduction Act. During the three and nine months ended September 30, 2022, we repurchased 2.0 million and 10.5 million common shares, respectively, at a cost of $34 million and $210 million in the aggregate, respectively. As of September 30, 2023, there was $608 million remaining under the authorization. PREFERRED STOCK We have 3 million shares of Serial Preferred Stock, Class A, without par value, authorized and 4 million shares of Serial Preferred Stock, Class B, without par value, authorized; no preferred shares are issued or outstanding. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables reflect the changes in Accumulated other comprehensive income related to Cliffs shareholders’ equity: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Foreign Currency Translation Beginning balance $ (1) $ (1) $ (1) $ 1 Other comprehensive loss before reclassifications — (2) — (4) Ending balance $ (1) $ (3) $ (1) $ (3) Derivative Instruments Beginning balance $ (150) $ 109 $ (16) $ 68 Other comprehensive income (loss) before reclassifications (21) 154 (229) 292 Income tax 5 (38) 56 (69) Other comprehensive income (loss) before reclassifications, net of tax (16) 116 (173) 223 Losses (gains) reclassified from AOCI to net income 1 63 (74) 93 (158) Income tax expense (benefit) 2 (16) 19 (23) 37 Net losses (gains) reclassified from AOCI to net income 47 (55) 70 (121) Ending balance $ (119) $ 170 $ (119) $ 170 Pension and OPEB Beginning balance $ 1,794 $ 550 $ 1,847 $ 549 Other comprehensive income before reclassifications — 119 — 119 Income tax — (28) — (28) Other comprehensive income before reclassifications, net of tax — 91 — 91 Losses (gains) reclassified from AOCI to net income 3 (35) 3 (106) 4 Income tax expense (benefit) 2 8 (1) 26 (1) Net losses (gains) reclassified from AOCI to net income (27) 2 (80) 3 Ending balance $ 1,767 $ 643 $ 1,767 $ 643 Total AOCI Ending Balance $ 1,647 $ 810 $ 1,647 $ 810 1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations. 2 Amounts recognized in Income tax expense in the Statements of Unaudited Condensed Consolidated Operations. 3 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Unaudited Condensed Consolidated Operations. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 15 - VARIABLE INTEREST ENTITIES SUNCOKE MIDDLETOWN We purchase all the coke and electrical power generated from SunCoke Middletown’s plant under long-term supply agreements and have committed to purchase all the expected production from the facility through 2032. We consolidate SunCoke Middletown as a VIE because we are the primary beneficiary despite having no ownership interest in SunCoke Middletown. SunCoke Middletown had income before income taxes of $13 million and $40 million for the three and nine months ended September 30, 2023, respectively, compared to $14 million and $36 million for the three and nine months ended September 30, 2022, respectively, that was included in our consolidated income before income taxes. Additionally, SunCoke Middletown had cash used for capital expenditures of $21 million for the nine months ended September 30, 2023, compared to $11 million for the nine months ended September 30, 2022, that was included in our consolidated Purchase of property, plant and equipment on the Statements of Unaudited Condensed Consolidated Cash Flows. The assets of the consolidated VIE can only be used to settle the obligations of the consolidated VIE and not obligations of the Company. The creditors of SunCoke Middletown do not have recourse to the assets or general credit of the Company to satisfy liabilities of the VIE. The Statements of Unaudited Condensed Consolidated Financial Position includes the following amounts for SunCoke Middletown: (In millions) September 30, December 31, Inventories $ 30 $ 28 Property, plant and equipment, net 292 288 Accounts payable (24) (19) Other assets (liabilities), net (33) (27) Noncontrolling interests (265) (270) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 16 - EARNINGS PER SHARE The following table summarizes the computation of basic and diluted EPS: Three Months Ended Nine Months Ended (In millions, except per share amounts) 2023 2022 2023 2022 Income from continuing operations $ 274 $ 165 $ 587 $ 1,578 Income from continuing operations attributable to noncontrolling interest (11) (13) (35) (31) Net income from continuing operations attributable to Cliffs shareholders 263 152 552 1,547 Income from discontinued operations, net of tax 1 — 2 2 Net income attributable to Cliffs shareholders $ 264 $ 152 $ 554 $ 1,549 Weighted average number of shares: Basic 508 516 512 520 Convertible senior notes — — — 2 Employee stock plans 1 3 1 4 Diluted 509 519 513 526 Earnings per common share attributable to Cliffs shareholders - basic: Continuing operations $ 0.52 $ 0.30 $ 1.08 $ 2.98 Discontinued operations — — — — $ 0.52 $ 0.30 $ 1.08 $ 2.98 Earnings per common share attributable to Cliffs shareholders - diluted: Continuing operations $ 0.52 $ 0.29 $ 1.08 $ 2.95 Discontinued operations — — — — $ 0.52 $ 0.29 $ 1.08 $ 2.95 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 17 - COMMITMENTS AND CONTINGENCIES PURCHASE COMMITMENTS We purchase portions of the principal raw materials required for our steel manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. We also use large volumes of natural gas, electricity and industrial gases in our steel manufacturing operations. We negotiate most of our purchases of chrome, industrial gases and a portion of our electricity under multi-year agreements. Our purchases of coke are made under annual or multi-year agreements with periodic price adjustments. We typically purchase coal under annual fixed-price agreements. We also purchase certain transportation services under multi-year contracts with minimum quantity requirements. CONTINGENCIES We are currently the subject of, or party to, various claims and legal proceedings incidental to our current and historical operations. These claims and legal proceedings are subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, additional funding requirements or an injunction. If an unfavorable ruling were to occur, there exists the possibility of a material adverse effect on our financial position and results of operations for the period in which the ruling occurs or future periods. However, based on currently available information, we do not believe that any pending claims or legal proceedings will result in a material adverse effect in relation to our consolidated financial statements. ENVIRONMENTAL CONTINGENCIES Although we believe our operating practices have been consistent with prevailing industry standards, hazardous materials may have been released at operating sites or third-party sites in the past, including operating sites that we no longer own. If we reasonably can, we estimate potential remediation expenditures for those sites where future remediation efforts are probable based on identified conditions, regulatory requirements, or contractual obligations arising from the sale of a business or facility. For sites involving government required investigations, we typically make an estimate of potential remediation expenditures only after the investigation is complete and when we better understand the nature and scope of the remediation. In general, the material factors in these estimates include the costs associated with investigations, delineations, risk assessments, remedial work, governmental response and oversight, site monitoring, and preparation of reports to the appropriate environmental agencies. The following is a summary of our environmental obligations: (In millions) September 30, December 31, Environmental obligations $ 141 $ 141 Less: current portion 25 23 Long-term environmental obligations $ 116 $ 118 We cannot predict the ultimate costs for each site with certainty because of the evolving nature of the investigation and remediation process. Rather, to estimate the probable costs, we must make certain assumptions. The most significant of these assumptions is for the nature and scope of the work that will be necessary to investigate and remediate a particular site and the cost of that work. Other significant assumptions include the cleanup technology that will be used, whether and to what extent any other parties will participate in paying the investigation and remediation costs, reimbursement of past response costs and future oversight costs by governmental agencies, and the reaction of the governing environmental agencies to the proposed work plans. Costs for future investigation and remediation are not discounted to their present value, unless the amount and timing of the cash disbursements are readily known. To the extent that we have been able to reasonably estimate future liabilities, we do not believe that there is a reasonable possibility that we will incur a loss or losses that exceed the amounts we accrued for the environmental matters discussed below that would, either individually or in the aggregate, have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, since we recognize amounts in the consolidated financial statements in accordance with GAAP that exclude potential losses that are not probable or that may not be currently estimable, the ultimate costs of these environmental matters may be higher than the liabilities we currently have recorded in our consolidated financial statements. Pursuant to RCRA, which governs the treatment, handling and disposal of hazardous waste, the EPA and authorized state environmental agencies may conduct inspections of RCRA-regulated facilities to identify areas where there have been releases of hazardous waste or hazardous constituents into the environment and may order the facilities to take corrective action to remediate such releases. Likewise, the EPA or the states may require closure or post-closure care of residual, industrial and hazardous waste management units. Environmental regulators have the authority to inspect all of our facilities. While we cannot predict the future actions of these regulators, it is possible that they may identify conditions in future inspections of these facilities that they believe require corrective action. Pursuant to CERCLA, the EPA and state environmental authorities have conducted site investigations at some of our facilities and other third-party facilities, portions of which previously may have been used for disposal of materials that are currently regulated. The results of these investigations are still pending, and we could be directed to spend funds for remedial activities at the former disposal areas. Because of the uncertain status of these investigations, however, we cannot reasonably predict whether or when such spending might be required or its magnitude. BURNS HARBOR WATER ISSUES In August 2019, ArcelorMittal Burns Harbor LLC (n/k/a Cleveland-Cliffs Burns Harbor LLC) suffered a loss of the blast furnace cooling water recycle system, which led to the discharge of cyanide and ammonia in excess of the Burns Harbor plant's NPDES permit limits. Since that time, the facility has taken numerous steps to prevent recurrence and maintain compliance with its NPDES permit. We engaged in settlement discussions with the U.S. Department of Justice, the EPA and the State of Indiana to resolve any alleged violations of environmental laws or regulations arising out of the August 2019 event. Later stages of the settlement discussions included the Environmental Law and Policy Center (ELPC) and Hoosier Environmental Council (HEC), which had filed a lawsuit on December 20, 2019 in the U.S. District Court for the Northern District of Indiana alleging violations resulting from the August 2019 event and other Clean Water Act claims. On February 14, 2022, the United States and the State of Indiana filed a complaint and a proposed consent decree, and on April 21, 2022, the United States, with the consent of all of the parties, filed a motion seeking final approval of the consent decree from the court. The consent decree was approved by the court with an effective date of May 6, 2022. The consent decree requires specified enhancements to the mill's wastewater treatment systems and required us to pay a $3 million civil penalty, along with other terms and conditions. Other parties to the consent decree include the United States, the State of Indiana, ELPC and HEC. The ELPC/HEC civil litigation was dismissed with prejudice on May 12, 2022. In addition, ArcelorMittal Burns Harbor LLC was served with a subpoena on December 5, 2019, from the United States District Court for the Northern District of Indiana, relating to the August 2019 event and has responded to the subpoena requests, including follow-up requests. With the resolution of monetary sanctions and injunctive relief requirements under the consent decree, we do not believe that the costs to resolve any other third-party claims, including potential natural resource damages claims, that may arise out of the August 2019 event are likely to have, individually or in the aggregate, a material adverse effect on our consolidated financial condition, results of operations or cash flows. In addition to the foregoing matters, we are or may be involved in proceedings with various regulatory authorities that may require us to pay fines, comply with more rigorous standards or other requirements or incur capital and operating expenses for environmental compliance. We believe that the ultimate disposition of any such proceedings will not have, individually or in the aggregate, a material adverse effect on our consolidated financial condition, results of operations or cash flows. TAX MATTERS The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues based on our estimate of whether, and the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We also recognize tax benefits to the extent that it is more likely than not that our positions will be sustained when challenged by the taxing authorities. To the extent we prevail in matters for which liabilities have been established, or are required to pay amounts in excess of our liabilities, our effective tax rate in a given period could be materially affected. An unfavorable tax settlement would require use of our cash and result in an increase in our effective tax rate in the year of resolution. A favorable tax settlement would be recognized as a reduction in our effective tax rate in the year of resolution. OTHER CONTINGENCIES In addition to the matters discussed above, there are various pending and potential claims against us and our subsidiaries involving product liability, personal injury, commercial, employee benefits and other matters arising in the ordinary course of business. Because of the considerable uncertainties that exist for any claim, it is difficult to reliably or accurately estimate what the amount of a loss would be if a claimant prevails. If material assumptions or factual understandings we rely on to evaluate exposure for these contingencies prove to be inaccurate or otherwise change, we may be required to record a liability for an adverse outcome. If, however, we have reasonably evaluated potential future liabilities for all of these contingencies, including those described more specifically above, it is our opinion, unless we otherwise noted, that the ultimate liability from these contingencies, individually or in the aggregate, should not have a material adverse effect on our consolidated financial position, results of operations or cash flows. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 18 - SUBSEQUENT EVENTS On October 6, 2023, we entered into a membership interest purchase agreement for the sale of the legal entities owning, among other things, our closed coal mines in Pennsylvania. As a result of the sale, we anticipate a gain of approximately $60 million to be recorded during the fourth quarter of 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 264 | $ 152 | $ 554 | $ 1,549 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Consolidation | The unaudited condensed consolidated financial statements consolidate our accounts and the accounts of our wholly owned subsidiaries, all subsidiaries in which we have a controlling interest and VIEs for which we are the primary beneficiary. All intercompany transactions and balances are eliminated upon consolidation. |
Investment in Affiliates | We have investments in several businesses accounted for using the equity method of accounting. These investments are included within our Steelmaking segment. We review an investment for impairment when circumstances indicate that a loss in value below its carrying amount is other than temporary. |
Recent Accounting Pronouncements | In August 2022, the U.S. government signed the Inflation Reduction Act into law. The Inflation Reduction Act introduced, among other legislation, a 1% excise tax on the fair market value of stock repurchases net of the fair market value of stock issuances during the tax year. The excise tax is effective on net stock repurchases that occur after December 31, 2022. The tax is recorded in equity as a cost of common shares in treasury. In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . This guidance requires annual and interim disclosure of the key terms of outstanding supplier finance programs and a roll-forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. We have adopted this standard, except for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information. |
SUPPLEMENTARY FINANCIAL STATE_2
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Allowance for Credit Losses | The following is a roll-forward of our allowance for credit losses associated with Accounts receivable, net : (In millions) 2023 2022 Allowance for credit losses as of January 1 $ (4) $ (4) Increase in allowance (3) (1) Allowance for credit losses as of September 30 $ (7) $ (5) |
Schedule of Inventory | The following table presents the detail of our Inventories on the Statements of Unaudited Condensed Consolidated Financial Position: (In millions) September 30, December 31, Product inventories Finished and semi-finished goods $ 2,616 $ 2,971 Raw materials 1,588 1,794 Total product inventories 4,204 4,765 Manufacturing supplies and critical spares 388 365 Inventories $ 4,592 $ 5,130 |
Schedule of Supplemental Cash Flow Information | A reconciliation of capital additions to cash paid for capital expenditures is as follows: Nine Months Ended (In millions) 2023 2022 Capital additions $ 508 $ 736 Less: Non-cash accruals (98) (10) Equipment financed with seller 47 — Right-of-use assets - finance leases 78 30 Cash paid for capital expenditures including deposits $ 481 $ 716 Cash payments (receipts) for income taxes and interest are as follows: Nine Months Ended (In millions) 2023 2022 Income taxes paid $ 91 $ 306 Income tax refunds (142) (3) Interest paid on debt obligations net of capitalized interest 1 202 201 1 Capitalized interest was $8 million and $7 million for the nine months ended September 30, 2023 and 2022, respectively. |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues by Market and Product Line | The following table represents our Revenues by market: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Steelmaking: Automotive $ 1,958 $ 1,734 $ 5,808 $ 4,985 Infrastructure and manufacturing 1,427 1,462 4,315 4,619 Distributors and converters 1,321 1,468 4,020 5,137 Steel producers 737 847 2,234 2,740 Total Steelmaking 5,443 5,511 16,377 17,481 Other Businesses: Automotive 133 113 415 359 Infrastructure and manufacturing 9 14 29 43 Distributors and converters 20 15 63 62 Total Other Businesses 162 142 507 464 Total revenues $ 5,605 $ 5,653 $ 16,884 $ 17,945 The following tables represent our Revenues by product line: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Steelmaking: Hot-rolled steel $ 1,269 $ 1,050 $ 3,747 $ 3,495 Cold-rolled steel 651 740 2,038 2,593 Coated steel 1,748 1,757 5,154 5,338 Stainless and electrical steel 568 596 1,757 1,765 Plate 382 432 1,112 1,306 Slab and other steel products 322 370 1,015 1,121 Other 503 566 1,554 1,863 Total Steelmaking 5,443 5,511 16,377 17,481 Other Businesses: Other 162 142 507 464 Total revenues $ 5,605 $ 5,653 $ 16,884 $ 17,945 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information | Our results by segment are as follows: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Revenues: Steelmaking $ 5,443 $ 5,511 $ 16,377 $ 17,481 Other Businesses 162 142 507 464 Total revenues $ 5,605 $ 5,653 $ 16,884 $ 17,945 Adjusted EBITDA: Steelmaking $ 603 $ 447 $ 1,608 $ 2,980 Other Businesses 9 9 32 58 Eliminations 2 7 (8) 8 Total Adjusted EBITDA $ 614 $ 463 $ 1,632 $ 3,046 The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Net income $ 275 $ 165 $ 589 $ 1,580 Less: Interest expense, net (70) (64) (226) (205) Income tax expense (29) (10) (118) (404) Depreciation, depletion and amortization (249) (237) (738) (788) 623 476 1,671 2,977 Less: EBITDA of noncontrolling interests 1 20 22 60 57 Gain (loss) on extinguishment of debt — 4 — (76) Asset impairment — — — (29) Other, net (11) (13) (21) (21) Total Adjusted EBITDA $ 614 $ 463 $ 1,632 $ 3,046 1 EBITDA of noncontrolling interests includes the following: Net income attributable to noncontrolling interests $ 11 $ 13 $ 35 $ 31 Depreciation, depletion and amortization 9 9 25 26 EBITDA of noncontrolling interests $ 20 $ 22 $ 60 $ 57 The following table summarizes our depreciation, depletion and amortization and capital additions by segment: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Depreciation, depletion and amortization: Steelmaking $ (241) $ (227) $ (711) $ (758) Other Businesses (8) (10) (27) (30) Total depreciation, depletion and amortization $ (249) $ (237) $ (738) $ (788) Capital additions 1 : Steelmaking $ 217 $ 240 $ 503 $ 712 Other Businesses — 6 3 21 Corporate 1 1 2 3 Total capital additions $ 218 $ 247 $ 508 $ 736 1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information. |
Reconciliation of Assets from Segment to Consolidated | The following summarizes our assets by segment: (In millions) September 30, December 31, Assets: Steelmaking $ 17,481 $ 18,070 Other Businesses 819 836 Intersegment eliminations (531) (521) Total segment assets 17,769 18,385 Corporate 290 370 Total assets $ 18,059 $ 18,755 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Value Of Each Of The Major Classes Of Consolidated Depreciable Assets | The following table indicates the carrying value of each of the major classes of our depreciable assets: (In millions) September 30, December 31, Land, land improvements and mineral rights $ 1,388 $ 1,388 Buildings 934 921 Equipment 9,652 9,289 Other 253 238 Construction in progress 611 552 Total property, plant and equipment 1 12,838 12,388 Allowance for depreciation and depletion (4,001) (3,318) Property, plant and equipment, net $ 8,837 $ 9,070 1 Includes right-of-use assets related to finance leases of $485 million and $408 million as of September 30, 2023 and December 31, 2022, respectively. |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following is a summary of Goodwill by segment: (In millions) September 30, December 31, Steelmaking $ 956 $ 956 Other Businesses 174 174 Total goodwill $ 1,130 $ 1,130 |
Schedule of Intangible Assets and Liabilities | The following is a summary of our intangible assets and liabilities: September 30, 2023 December 31, 2022 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets 1 : Customer relationships $ 90 $ (17) $ 73 $ 90 $ (13) $ 77 Developed technology 60 (13) 47 60 (10) 50 Trade names and trademarks 18 (5) 13 18 (4) 14 Mining permits 72 (28) 44 72 (27) 45 Supplier relationships 29 (2) 27 29 (1) 28 Total intangible assets $ 269 $ (65) $ 204 $ 269 $ (55) $ 214 Intangible liabilities 2 : Above-market supply contracts $ (71) $ 23 $ (48) $ (71) $ 19 $ (52) 1 Intangible assets are classified as Other non-current assets. Amortization related to mining permits is recognized in Cost of goods sold . Amortization of all other intangible assets is recognized in Selling, general and administrative expenses. 2 Intangible liabilities are classified as Other non-current liabilities. Amortization of all intangible liabilities is recognized in Cost of goods sold . |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The following represents a summary of our long-term debt: (In millions) Debt Instrument Issuer 1 Annual Effective September 30, December 31, Senior Secured Notes: 6.750% 2026 Senior Secured Notes Cliffs 6.990% $ 829 $ 829 Senior Unsecured Notes: 7.000% 2027 Senior Notes Cliffs 9.240% 73 73 7.000% 2027 AK Senior Notes AK Steel 9.240% 56 56 5.875% 2027 Senior Notes Cliffs 6.490% 556 556 4.625% 2029 Senior Notes Cliffs 4.625% 368 368 6.750% 2030 Senior Notes Cliffs 6.750% 750 — 4.875% 2031 Senior Notes Cliffs 4.875% 325 325 6.250% 2040 Senior Notes Cliffs 6.340% 235 235 ABL Facility Cliffs 2 Variable 3 325 1,864 Total principal amount 3,517 4,306 Unamortized discounts and issuance costs (59) (57) Total long-term debt $ 3,458 $ 4,249 1 Unless otherwise noted, references in this column and throughout this NOTE 7 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation). 2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility. 3 Our ABL Facility annual effective interest rate was 7.148% and 5.602%, respectively, as of September 30, 2023 and December 31, 2022. The following represents a summary of our borrowing capacity under the ABL Facility: (In millions) September 30, Available borrowing base on ABL Facility 1 $ 4,750 Borrowings (325) Letter of credit obligations 2 (94) Borrowing capacity available $ 4,331 1 As of September 30, 2023, the ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment. 2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, workers' compensation, operating agreements, employee severance, environmental obligations, and insurance. |
Schedule of Maturities of Long-term Debt | The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at September 30, 2023 (in millions): 2023 2024 2025 2026 2027 Thereafter Total $ — $ — $ — $ 829 $ 685 $ 2,003 $ 3,517 |
PENSIONS AND OTHER POSTRETIRE_2
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Postemployment Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following are the components of defined benefit pension and OPEB costs (credits): DEFINED BENEFIT PENSION COSTS (CREDITS) Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Service cost $ 8 $ 11 $ 24 $ 35 Interest cost 59 32 176 95 Expected return on plan assets (79) (93) (236) (277) Amortization: Prior service costs 5 1 13 1 Net actuarial loss — 4 2 11 Net periodic benefit credits $ (7) $ (45) $ (21) $ (135) OPEB COSTS (CREDITS) Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Service cost $ 2 $ 11 $ 7 $ 32 Interest cost 15 19 47 59 Expected return on plan assets (10) (10) (31) (29) Amortization: Prior service costs (credits) (4) 1 (12) 1 Net actuarial gain (36) (3) (109) (9) Net periodic benefit costs (credits) $ (33) $ 18 $ (98) $ 54 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Asset Retirement Obligation [Abstract] | |
Summary of Asset Retirement Obligations | The following is a summary of our asset retirement obligations: (In millions) September 30, December 31, Asset retirement obligations 1 $ 522 $ 520 Less: current portion 17 21 Long-term asset retirement obligations $ 505 $ 499 1 Includes $275 million and $277 million related to our active operations as of September 30, 2023 and December 31, 2022, respectively. |
Schedule of Change in Asset Retirement Obligation | The following is a roll forward of our asset retirement obligation liability: (In millions) 2023 2022 Asset retirement obligation as of January 1 $ 520 $ 449 Accretion expense 19 21 Reclassification from environmental obligations — 63 Revision in estimated cash flows — 22 Remediation payments (17) (33) Asset retirement obligation as of September 30 $ 522 $ 522 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value and Fair Value Of Financial Instruments | A summary of the carrying value and fair value of other financial instruments were as follows: September 30, 2023 December 31, 2022 (In millions) Classification Carrying Fair Carrying Fair Senior notes Level 1 $ 3,133 $ 2,983 $ 2,385 $ 2,311 ABL Facility - outstanding balance Level 2 325 325 1,864 1,864 Total $ 3,458 $ 3,308 $ 4,249 $ 4,175 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the notional amount of our outstanding hedge contracts: Notional Amount Commodity Contracts Unit of Measure Maturity Dates September 30, December 31, Natural Gas MMBtu October 2023 - August 2026 170,485,000 127,790,000 Electricity Megawatt hours October 2023 - October 2026 3,002,720 432,043 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair value of our cash flow hedges and the classification in the Statements of Unaudited Condensed Consolidated Financial Position: Balance Sheet Location (In millions) September 30, December 31, Other current assets $ 2 $ 15 Other non-current assets 4 30 Other current liabilities (79) (87) Other non-current liabilities (23) (10) |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in Accumulated other comprehensive income related to Cliffs shareholders’ equity: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Foreign Currency Translation Beginning balance $ (1) $ (1) $ (1) $ 1 Other comprehensive loss before reclassifications — (2) — (4) Ending balance $ (1) $ (3) $ (1) $ (3) Derivative Instruments Beginning balance $ (150) $ 109 $ (16) $ 68 Other comprehensive income (loss) before reclassifications (21) 154 (229) 292 Income tax 5 (38) 56 (69) Other comprehensive income (loss) before reclassifications, net of tax (16) 116 (173) 223 Losses (gains) reclassified from AOCI to net income 1 63 (74) 93 (158) Income tax expense (benefit) 2 (16) 19 (23) 37 Net losses (gains) reclassified from AOCI to net income 47 (55) 70 (121) Ending balance $ (119) $ 170 $ (119) $ 170 Pension and OPEB Beginning balance $ 1,794 $ 550 $ 1,847 $ 549 Other comprehensive income before reclassifications — 119 — 119 Income tax — (28) — (28) Other comprehensive income before reclassifications, net of tax — 91 — 91 Losses (gains) reclassified from AOCI to net income 3 (35) 3 (106) 4 Income tax expense (benefit) 2 8 (1) 26 (1) Net losses (gains) reclassified from AOCI to net income (27) 2 (80) 3 Ending balance $ 1,767 $ 643 $ 1,767 $ 643 Total AOCI Ending Balance $ 1,647 $ 810 $ 1,647 $ 810 1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations. 2 Amounts recognized in Income tax expense in the Statements of Unaudited Condensed Consolidated Operations. 3 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Unaudited Condensed Consolidated Operations. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The Statements of Unaudited Condensed Consolidated Financial Position includes the following amounts for SunCoke Middletown: (In millions) September 30, December 31, Inventories $ 30 $ 28 Property, plant and equipment, net 292 288 Accounts payable (24) (19) Other assets (liabilities), net (33) (27) Noncontrolling interests (265) (270) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table summarizes the computation of basic and diluted EPS: Three Months Ended Nine Months Ended (In millions, except per share amounts) 2023 2022 2023 2022 Income from continuing operations $ 274 $ 165 $ 587 $ 1,578 Income from continuing operations attributable to noncontrolling interest (11) (13) (35) (31) Net income from continuing operations attributable to Cliffs shareholders 263 152 552 1,547 Income from discontinued operations, net of tax 1 — 2 2 Net income attributable to Cliffs shareholders $ 264 $ 152 $ 554 $ 1,549 Weighted average number of shares: Basic 508 516 512 520 Convertible senior notes — — — 2 Employee stock plans 1 3 1 4 Diluted 509 519 513 526 Earnings per common share attributable to Cliffs shareholders - basic: Continuing operations $ 0.52 $ 0.30 $ 1.08 $ 2.98 Discontinued operations — — — — $ 0.52 $ 0.30 $ 1.08 $ 2.98 Earnings per common share attributable to Cliffs shareholders - diluted: Continuing operations $ 0.52 $ 0.29 $ 1.08 $ 2.95 Discontinued operations — — — — $ 0.52 $ 0.29 $ 1.08 $ 2.95 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Obligations | The following is a summary of our environmental obligations: (In millions) September 30, December 31, Environmental obligations $ 141 $ 141 Less: current portion 25 23 Long-term environmental obligations $ 116 $ 118 |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) Employee in Thousands, $ in Millions | 9 Months Ended | |
Sep. 30, 2023 USD ($) Employee segment | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Number of employees | Employee | 27 | |
Number of operating segments | 4 | |
Number of reportable segments | 1 | |
Other non-current assets | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in affiliates | $ | $ 131 | $ 133 |
SUPPLEMENTARY FINANCIAL STATE_3
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses as of beginning of period | $ (4) | $ (4) |
Increase in allowance | (3) | (1) |
Allowance for credit losses as of end of period | $ (7) | $ (5) |
SUPPLEMENTARY FINANCIAL STATE_4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Finished and semi-finished goods | $ 2,616 | $ 2,971 |
Raw materials | 1,588 | 1,794 |
Total product inventories | 4,204 | 4,765 |
Manufacturing supplies and critical spares | 388 | 365 |
Inventories | $ 4,592 | $ 5,130 |
SUPPLEMENTARY FINANCIAL STATE_5
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Supply Chain Finance Programs (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other current liabilities | ||
Supplier Finance Program [Line Items] | ||
Supplier financings | $ 21 | $ 19 |
Accounts payable | ||
Supplier Finance Program [Line Items] | ||
Supplier financings | $ 90 | $ 112 |
SUPPLEMENTARY FINANCIAL STATE_6
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Capital additions | $ 218 | $ 247 | $ 508 | $ 736 |
Non-cash accruals | (98) | (10) | ||
Equipment financed with seller | 47 | 0 | ||
Right-of-use assets - finance leases | 78 | 30 | ||
Cash paid for capital expenditures including deposits | 481 | 716 | ||
Income taxes paid | 91 | 306 | ||
Income tax refunds | (142) | (3) | ||
Interest paid on debt obligations net of capitalized interest | 202 | 201 | ||
Capitalized interest | $ 8 | $ 7 |
REVENUES - Revenues By Market (
REVENUES - Revenues By Market (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 5,605 | $ 5,653 | $ 16,884 | $ 17,945 |
Steelmaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,443 | 5,511 | 16,377 | 17,481 |
Other Businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 162 | 142 | 507 | 464 |
Automotive | Steelmaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,958 | 1,734 | 5,808 | 4,985 |
Automotive | Other Businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 133 | 113 | 415 | 359 |
Infrastructure and manufacturing | Steelmaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,427 | 1,462 | 4,315 | 4,619 |
Infrastructure and manufacturing | Other Businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9 | 14 | 29 | 43 |
Distributors and converters | Steelmaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,321 | 1,468 | 4,020 | 5,137 |
Distributors and converters | Other Businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 20 | 15 | 63 | 62 |
Steel producers | Steelmaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 737 | $ 847 | $ 2,234 | $ 2,740 |
REVENUES - Revenues By Product
REVENUES - Revenues By Product Line (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 5,605 | $ 5,653 | $ 16,884 | $ 17,945 |
Steelmaking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,443 | 5,511 | 16,377 | 17,481 |
Steelmaking | Hot-rolled steel | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,269 | 1,050 | 3,747 | 3,495 |
Steelmaking | Cold-rolled steel | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 651 | 740 | 2,038 | 2,593 |
Steelmaking | Coated steel | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,748 | 1,757 | 5,154 | 5,338 |
Steelmaking | Stainless and electrical steel | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 568 | 596 | 1,757 | 1,765 |
Steelmaking | Plate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 382 | 432 | 1,112 | 1,306 |
Steelmaking | Slab and other steel products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 322 | 370 | 1,015 | 1,121 |
Steelmaking | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 503 | 566 | 1,554 | 1,863 |
Other Businesses | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 162 | 142 | 507 | 464 |
Other Businesses | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 162 | $ 142 | $ 507 | $ 464 |
SEGMENT REPORTING - Results by
SEGMENT REPORTING - Results by Segment (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | |
Segment Reporting [Abstract] | ||||
Number of operating segments | segment | 4 | |||
Number of reportable segments | segment | 1 | |||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 5,605 | $ 5,653 | $ 16,884 | $ 17,945 |
Adjusted EBITDA | 614 | 463 | 1,632 | 3,046 |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 2 | 7 | (8) | 8 |
Steelmaking | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 5,443 | 5,511 | 16,377 | 17,481 |
Steelmaking | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 603 | 447 | 1,608 | 2,980 |
Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 162 | 142 | 507 | 464 |
Other Businesses | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | $ 9 | $ 9 | $ 32 | $ 58 |
SEGMENT REPORTING - Net Income
SEGMENT REPORTING - Net Income (Loss) to Total Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net income | $ 275 | $ 165 | $ 589 | $ 1,580 |
Interest expense, net | (70) | (64) | (226) | (205) |
Income tax expense | (29) | (10) | (118) | (404) |
Depreciation, depletion and amortization | (249) | (237) | (738) | (788) |
EBITDA | 623 | 476 | 1,671 | 2,977 |
Gain (loss) on extinguishment of debt | 0 | 4 | 0 | (76) |
Asset impairment | 0 | (29) | ||
Adjusted EBITDA | 614 | 463 | 1,632 | 3,046 |
Net income attributable to noncontrolling interests | 11 | 13 | 35 | 31 |
EBITDA Calculation | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense, net | (70) | (64) | (226) | (205) |
Income tax expense | (29) | (10) | (118) | (404) |
Depreciation, depletion and amortization | (249) | (237) | (738) | (788) |
Adjusted EBITDA Calculation | ||||
Segment Reporting Information [Line Items] | ||||
EBITDA of noncontrolling interests | 20 | 22 | 60 | 57 |
Gain (loss) on extinguishment of debt | 0 | 4 | 0 | (76) |
Asset impairment | 0 | 0 | 0 | (29) |
Other, net | (11) | (13) | (21) | (21) |
Net income attributable to noncontrolling interests | 11 | 13 | 35 | 31 |
Depreciation, depletion and amortization attributable to noncontrolling interests | $ 9 | $ 9 | $ 25 | $ 26 |
SEGMENT REPORTING - Segment Ass
SEGMENT REPORTING - Segment Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 18,059 | $ 18,755 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | 290 | 370 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 17,769 | 18,385 |
Operating Segments | Steelmaking | ||
Segment Reporting Information [Line Items] | ||
Total assets | 17,481 | 18,070 |
Operating Segments | Other Businesses | ||
Segment Reporting Information [Line Items] | ||
Total assets | 819 | 836 |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ (531) | $ (521) |
SEGMENT REPORTING - Segment Rep
SEGMENT REPORTING - Segment Reporting Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | $ (249) | $ (237) | $ (738) | $ (788) |
Capital additions | 218 | 247 | 508 | 736 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Capital additions | 1 | 1 | 2 | 3 |
Steelmaking | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | (241) | (227) | (711) | (758) |
Capital additions | 217 | 240 | 503 | 712 |
Other Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | (8) | (10) | (27) | (30) |
Capital additions | $ 0 | $ 6 | $ 3 | $ 21 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | $ 12,838 | $ 12,838 | $ 12,388 | ||
Allowance for depreciation and depletion | (4,001) | (4,001) | (3,318) | ||
Property, plant and equipment, net | 8,837 | 8,837 | 9,070 | ||
Finance lease, right-of-use asset | 485 | 485 | 408 | ||
Depreciation and depletion expense | 247 | $ 235 | 732 | $ 782 | |
Middletown | |||||
Property, Plant and Equipment [Line Items] | |||||
Accelerated depreciation | 23 | ||||
Indiana Harbor | |||||
Property, Plant and Equipment [Line Items] | |||||
Accelerated depreciation | $ 68 | ||||
Land, land improvements and mineral rights | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | 1,388 | 1,388 | 1,388 | ||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | 934 | 934 | 921 | ||
Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | 9,652 | 9,652 | 9,289 | ||
Other | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | 253 | 253 | 238 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | $ 611 | $ 611 | $ 552 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES - Goodwill (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 1,130 | $ 1,130 |
Steelmaking | ||
Goodwill [Line Items] | ||
Goodwill | 956 | 956 |
Other Businesses | ||
Goodwill [Line Items] | ||
Goodwill | $ 174 | $ 174 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 269 | $ 269 |
Finite-Lived Intangible Assets, Accumulated Amortization | (65) | (55) |
Finite-Lived Intangible Assets, Net, Total | 204 | 214 |
Above-market supply contracts, Gross Amount | (71) | (71) |
Above-market supply contracts, Accumulated Amortization | 23 | 19 |
Above-market supply contracts, Net | (48) | (52) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 90 | 90 |
Finite-Lived Intangible Assets, Accumulated Amortization | (17) | (13) |
Finite-Lived Intangible Assets, Net, Total | 73 | 77 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 60 | 60 |
Finite-Lived Intangible Assets, Accumulated Amortization | (13) | (10) |
Finite-Lived Intangible Assets, Net, Total | 47 | 50 |
Trade names and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 18 | 18 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5) | (4) |
Finite-Lived Intangible Assets, Net, Total | 13 | 14 |
Mining permits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 72 | 72 |
Finite-Lived Intangible Assets, Accumulated Amortization | (28) | (27) |
Finite-Lived Intangible Assets, Net, Total | 44 | 45 |
Supplier relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 29 | 29 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2) | (1) |
Finite-Lived Intangible Assets, Net, Total | $ 27 | $ 28 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES - Amortization of Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 3 | $ 3 | $ 10 | $ 10 |
Remainder of 2023 | 3 | 3 | ||
2024 | 13 | 13 | ||
2025 | 13 | 13 | ||
2026 | 13 | 13 | ||
2027 | 13 | 13 | ||
2028 | $ 13 | $ 13 |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES - Amortization of Intangible Liability (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Liabilities | $ (1) | $ (1) | $ (4) | $ (4) |
Remainder of 2023 | (1) | (1) | ||
2024 | (5) | (5) | ||
2025 | (5) | (5) | ||
2026 | (5) | (5) | ||
2027 | (5) | (5) | ||
2028 | $ (5) | $ (5) |
DEBT AND CREDIT FACILITIES - Sc
DEBT AND CREDIT FACILITIES - Schedule Of Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Apr. 14, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 3,517 | $ 4,306 | |
Unamortized discounts and issuance costs | (59) | (57) | |
Long-term Debt | 3,458 | 4,249 | |
ABL Facility | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | $ 325 | ||
Cleveland-Cliffs Inc. | 6.750% 2026 Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.75% | ||
Annual Effective Interest Rate | 6.99% | ||
Long-term Debt, Gross | $ 829 | 829 | |
Cleveland-Cliffs Inc. | 7.000% 2027 Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7% | ||
Annual Effective Interest Rate | 9.24% | ||
Long-term Debt, Gross | $ 73 | 73 | |
Cleveland-Cliffs Inc. | 5.875% 2027 Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.875% | ||
Annual Effective Interest Rate | 6.49% | ||
Long-term Debt, Gross | $ 556 | 556 | |
Cleveland-Cliffs Inc. | 4.625% 2029 Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.625% | ||
Annual Effective Interest Rate | 4.625% | ||
Long-term Debt, Gross | $ 368 | 368 | |
Cleveland-Cliffs Inc. | 6.750% 2030 Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.75% | ||
Annual Effective Interest Rate | 6.75% | ||
Long-term Debt, Gross | $ 750 | $ 750 | 0 |
Cleveland-Cliffs Inc. | 4.875% 2031 Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.875% | ||
Annual Effective Interest Rate | 4.875% | ||
Long-term Debt, Gross | $ 325 | 325 | |
Cleveland-Cliffs Inc. | 6.250% 2040 Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 6.25% | ||
Annual Effective Interest Rate | 6.34% | ||
Long-term Debt, Gross | $ 235 | $ 235 | |
Cleveland-Cliffs Inc. | ABL Facility | |||
Debt Instrument [Line Items] | |||
Annual Effective Interest Rate | 7.148% | 5.602% | |
Long-term Line of Credit | $ 325 | $ 1,864 | |
AK Steel | 7.000% 2027 AK Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 7% | ||
Annual Effective Interest Rate | 9.24% | ||
Long-term Debt, Gross | $ 56 | $ 56 |
DEBT AND CREDIT FACILITIES - De
DEBT AND CREDIT FACILITIES - Debt Redemption (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Apr. 14, 2023 | Dec. 31, 2022 | |
Debt Instrument, Redemption [Line Items] | |||
Aggregate principal amount | $ 3,517 | $ 4,306 | |
6.750% 2030 Senior Notes | Cleveland-Cliffs Inc. | |||
Debt Instrument, Redemption [Line Items] | |||
Aggregate principal amount | $ 750 | $ 750 | $ 0 |
Repurchase price if triggering event occurs | 101% | ||
6.750% 2030 Senior Notes | Cleveland-Cliffs Inc. | Minimum | |||
Debt Instrument, Redemption [Line Items] | |||
Redemption notice period | 10 days | ||
6.750% 2030 Senior Notes | Cleveland-Cliffs Inc. | Maximum | |||
Debt Instrument, Redemption [Line Items] | |||
Redemption notice period | 60 days | ||
6.750% 2030 Senior Notes | Debt Instrument, Redemption, Period One | Cleveland-Cliffs Inc. | |||
Debt Instrument, Redemption [Line Items] | |||
Redemption price percentage | 100% | ||
6.750% 2030 Senior Notes | Debt Instrument, Redemption, Period One, Upon Equity Issuance | Cleveland-Cliffs Inc. | |||
Debt Instrument, Redemption [Line Items] | |||
Redemption price percentage | 106.75% | ||
Percentage of principal available for redemption | 35% | ||
6.750% 2030 Senior Notes | Debt Instrument, Redemption, Period Two | Cleveland-Cliffs Inc. | |||
Debt Instrument, Redemption [Line Items] | |||
Redemption price percentage | 103.375% | ||
6.750% 2030 Senior Notes | Debt Instrument, Redemption, Period Three | Cleveland-Cliffs Inc. | |||
Debt Instrument, Redemption [Line Items] | |||
Redemption price percentage | 101.688% |
DEBT AND CREDIT FACILITIES - AB
DEBT AND CREDIT FACILITIES - ABL Facility (Details) $ in Millions | 9 Months Ended | |
Jun. 09, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
ABL Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 4,750 | |
Available borrowing base on ABL Facility | 4,750 | |
Borrowings | (325) | |
Borrowing capacity available | $ 4,331 | |
ABL Facility | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity, additional tranche | $ 250 | |
Maximum borrowing capacity | $ 4,750 | |
Minimum fixed charge coverage ratio | 1 | |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Borrowings | $ (94) | |
Fed Funds Effective Rate Overnight Index Swap Rate | ABL Facility | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread | 0.50% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ABL Facility | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Interest rate spread | 1.25% |
DEBT AND CREDIT FACILITIES - _2
DEBT AND CREDIT FACILITIES - Schedule of Debt Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2023 | $ 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 829 | |
2027 | 685 | |
Thereafter | 2,003 | |
Total maturities of debt | $ 3,517 | $ 4,306 |
PENSIONS AND OTHER POSTRETIRE_3
PENSIONS AND OTHER POSTRETIREMENT BENEFITS - Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 8 | $ 11 | $ 24 | $ 35 |
Interest cost | 59 | 32 | 176 | 95 |
Expected return on plan assets | (79) | (93) | (236) | (277) |
Prior service costs (credits) | 5 | 1 | 13 | 1 |
Net actuarial loss (gain) | 0 | 4 | 2 | 11 |
Net periodic benefit costs (credits) | (7) | (45) | (21) | (135) |
Defined benefit pension contributions | 0 | 1 | 0 | 1 |
Other Postretirement Benefit Plans, Defined Benefit | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 2 | 11 | 7 | 32 |
Interest cost | 15 | 19 | 47 | 59 |
Expected return on plan assets | (10) | (10) | (31) | (29) |
Prior service costs (credits) | (4) | 1 | (12) | 1 |
Net actuarial loss (gain) | (36) | (3) | (109) | (9) |
Net periodic benefit costs (credits) | (33) | 18 | (98) | 54 |
OPEB contributions | $ 0 | $ 24 | $ 0 | $ 80 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate before discrete items | 19% | 20% |
Federal statutory income tax rate | 21% | |
Discrete tax expense (benefit) | $ (18) | $ 3 |
ASSET RETIREMENT OBLIGATIONS -
ASSET RETIREMENT OBLIGATIONS - Summary Of Asset Retirement Obligations (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Environmental Exit Cost [Line Items] | ||||
Asset retirement obligations | $ 522 | $ 520 | $ 522 | $ 449 |
Less: current portion | 17 | 21 | ||
Long-term asset retirement obligations | 505 | 499 | ||
Operating Segments | ||||
Environmental Exit Cost [Line Items] | ||||
Asset retirement obligations | $ 275 | $ 277 |
ASSET RETIREMENT OBLIGATIONS _2
ASSET RETIREMENT OBLIGATIONS - Asset Retirement Obligation Disclosure (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Asset Retirement Obligation [Roll Forward] | ||
Asset retirement obligation at beginning of period | $ 520 | $ 449 |
Accretion expense | 19 | 21 |
Reclassification from environmental obligations | 0 | 63 |
Revision in estimated cash flows | 0 | 22 |
Remediation payments | (17) | (33) |
Asset retirement obligation at end of period | $ 522 | $ 522 |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying Value And Fair Value Of Financial Instruments Disclosure (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | $ 3,458 | $ 4,249 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 3,308 | 4,175 |
Senior notes | Carrying Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 3,133 | 2,385 |
Senior notes | Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 2,983 | 2,311 |
Line of Credit | Carrying Value | Level 2 | ABL Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 325 | 1,864 |
Line of Credit | Fair Value | Level 2 | ABL Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | $ 325 | $ 1,864 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING (Details) - Commodity Contract | Sep. 30, 2023 MMBtu MWh | Dec. 31, 2022 MMBtu MWh |
Natural Gas | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | MMBtu | 170,485,000 | 127,790,000 |
Electricity | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | MWh | 3,002,720 | 432,043 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING - Balance Sheet Location (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Other current assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative asset | $ 2 | $ 15 |
Other non-current assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative asset | 4 | 30 |
Other current liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liability | (79) | (87) |
Other non-current liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liability | $ (23) | $ (10) |
CAPITAL STOCK - Narrative (Deta
CAPITAL STOCK - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Feb. 10, 2022 | |
Class of Stock [Line Items] | ||||||||
Authorized amount of stock repurchase | $ 1,000 | |||||||
Repurchase of common shares | $ 152 | $ 210 | ||||||
Remaining authorized amount of stock repurchase | $ 608 | $ 608 | ||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock repurchases (shares) | 3,900,000 | 6,500,000 | 2,000,000 | 7,500,000 | 1,000,000 | 10,400,000 | 10,500,000 | |
Common Shares in Treasury | ||||||||
Class of Stock [Line Items] | ||||||||
Repurchase of common shares | $ 58 | $ 34 | $ 152 | $ 210 | ||||
Series A Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock authorized (in shares) | 3,000,000 | 3,000,000 | ||||||
Preferred stock outstanding (in shares) | 0 | 0 | ||||||
Preferred stock issued (in shares) | 0 | 0 | ||||||
Series B Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock authorized (in shares) | 4,000,000 | 4,000,000 | ||||||
Preferred stock outstanding (in shares) | 0 | 0 | ||||||
Preferred stock issued (in shares) | 0 | 0 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in AOCI (loss) related to shareholders' equity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 1,830 | |||
Ending balance | $ 1,647 | $ 810 | 1,647 | $ 810 |
Foreign Currency Translation | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (1) | (1) | (1) | 1 |
Other comprehensive income (loss) before reclassifications, net of tax | 0 | (2) | 0 | (4) |
Ending balance | (1) | (3) | (1) | (3) |
Derivative Instruments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (150) | 109 | (16) | 68 |
Other comprehensive income (loss) before reclassifications | (21) | 154 | (229) | 292 |
Income tax | 5 | (38) | 56 | (69) |
Other comprehensive income (loss) before reclassifications, net of tax | (16) | 116 | (173) | 223 |
(Gains) losses reclassified from AOCI to net income | 63 | (74) | 93 | (158) |
Income tax expense (benefit) | (16) | 19 | (23) | 37 |
Net losses (gains) reclassified from AOCI to net income | 47 | (55) | 70 | (121) |
Ending balance | (119) | 170 | (119) | 170 |
Pension and OPEB | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 1,794 | 550 | 1,847 | 549 |
Other comprehensive income (loss) before reclassifications | 0 | 119 | 0 | 119 |
Income tax | 0 | (28) | 0 | (28) |
Other comprehensive income (loss) before reclassifications, net of tax | 0 | 91 | 0 | 91 |
(Gains) losses reclassified from AOCI to net income | (35) | 3 | (106) | 4 |
Income tax expense (benefit) | 8 | (1) | 26 | (1) |
Net losses (gains) reclassified from AOCI to net income | (27) | 2 | (80) | 3 |
Ending balance | $ 1,767 | $ 643 | $ 1,767 | $ 643 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | |||||
Net income attributable to noncontrolling interests | $ 11 | $ 13 | $ 35 | $ 31 | |
Cash paid for capital expenditures including deposits | 481 | 716 | |||
Inventories | 4,592 | 4,592 | $ 5,130 | ||
Property, plant and equipment, net | 8,837 | 8,837 | 9,070 | ||
Accounts payable | (2,076) | (2,076) | (2,186) | ||
Noncontrolling interests | (244) | (244) | (251) | ||
SunCoke Middletown | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Net income attributable to noncontrolling interests | 13 | $ 14 | 40 | 36 | |
Cash paid for capital expenditures including deposits | 21 | $ 11 | |||
Inventories | 30 | 30 | 28 | ||
Property, plant and equipment, net | 292 | 292 | 288 | ||
Accounts payable | (24) | (24) | (19) | ||
Other assets (liabilities), net | (33) | (33) | (27) | ||
Noncontrolling interests | $ (265) | $ (265) | $ (270) |
EARNINGS PER SHARE - Earnings P
EARNINGS PER SHARE - Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations | $ 274 | $ 165 | $ 587 | $ 1,578 |
Income attributable to noncontrolling interest | (11) | (13) | (35) | (31) |
Net income from continuing operations attributable to Cliffs shareholders | 263 | 152 | 552 | 1,547 |
Income from discontinued operations, net of tax | 1 | 0 | 2 | 2 |
Net income attributable to Cliffs shareholders | $ 264 | $ 152 | $ 554 | $ 1,549 |
Weighted average number of shares: | ||||
Basic (in shares) | 508 | 516 | 512 | 520 |
Convertible senior notes (in shares) | 0 | 0 | 0 | 2 |
Employee stock plans (in shares) | 1 | 3 | 1 | 4 |
Diluted (in shares) | 509 | 519 | 513 | 526 |
Earnings per common share attributable to Cliffs shareholders - basic: | ||||
Continuing operations (in dollars per share) | $ 0.52 | $ 0.30 | $ 1.08 | $ 2.98 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 |
Earnings per Common Share - Basic (in dollars per share) | 0.52 | 0.30 | 1.08 | 2.98 |
Earnings per common share attributable to Cliffs shareholders - diluted: | ||||
Continuing operations (in dollars per share) | 0.52 | 0.29 | 1.08 | 2.95 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 |
Earnings per Common Share - Diluted (in dollars per share) | $ 0.52 | $ 0.29 | $ 1.08 | $ 2.95 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Environmental obligations | $ 141 | $ 141 |
Less: current portion | 25 | 23 |
Long-term environmental obligations | $ 116 | $ 118 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Estimate of civil penalty | $ 3 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Millions | Oct. 06, 2023 USD ($) |
Subsequent Event | |
Subsequent Event [Line Items] | |
Gain (Loss) on Disposition of Assets | $ 60 |